Atlanta, GA, February 18, 2003 – Datatrac Corporation, the leading software developer and wireless communications solutions provider for the time-sensitive delivery industry, today announced the immediate availability of eTrac Settlement, a robust, new Web-based Electronic Invoice Presentment and Payment (EIPP) solution that streamlines the entire billing and payment process between freight forwarders and cartage agents. By eliminating the cumbersome and time-consuming task of manually auditing invoices, issuing checks, resolving disputes, and constantly making financial adjustments, eTrac Settlement enables freight forwarders to gain control of their payment process, saving both time and money. With eTrac Settlement, invoices are paid post-audit, eliminating costly follow-up disputes and adjustments. Cartage agents also benefit by gaining visibility to invoice status information, enabling them to address disputes in real-time, instead of waiting weeks or even months for resolution.
Craig Lotz, CEO of Datatrac, said, "eTrac Settlement marks a paradigm shift in the way freight forwarders and cartage agents manage the billing and settlement process. Prior to eTrac Settlement, there had long been a void in the expedited delivery industry for a technology-based solution that would improve the inefficient and high cost billing and freight payment process." He continued, "Datatrac developed the settlement capabilities of eTrac to meet this need head-on by fully automating the process, which significantly enhances back-office productivity, invoice approval and dispute resolution, payment approval and release, and financial reporting capabilities."
eTrac is a feature rich solution that addresses every step in the pick-up and delivery process from order entry, to status alerts, to final invoice settlement. The new settlement functionality enables cartage agents to present invoices online and allows freight forwarders to process invoices for payment, thereby avoiding the more costly and time-consuming method of traditional paper invoicing, auditing, and payment.
Specific freight forwarder benefits gained from eTrac Settlement include:
· Electronic invoices eliminate the need for tedious data entry
· Automated matching of expected and actual charges reduces invoice audit time
· Dispute resolution before payment reduces adjustments required
· Electronic payment eliminates manual check writing and postage/mailing expense, and reduces bank reconciliation time
· More timely and accurate information exchange enables more accurate accruals and billing, reduces good will write-offs and improves customer service
· Better forecasting of payment amounts and dates improves cash flow
· Improved invoice analysis produces more precise performance reporting and statistics, and aid in budgeting
· Improved communications and faster dispute resolution strengthen relationships with cartage agents
With eTrac Settlement cartage agent benefits include:
· Greater visibility and access to the invoice payment process
· Streamlined dispute resolution process for faster reconciliation
· Greater potential for lower day sales outstanding (DSO)
· Invoice payments in full virtually eliminate short pays
· More precise reporting for improved cash flow management
· Electronic invoice eliminates printing of invoices and postage/mailing expenses
· Summary list of disputes outstanding with forwarders
· Improved communications and faster dispute resolution strengthen relationships with forwarders
eTrac Settlement is a part of Datatrac's eTrac Network, an end-to-end online information network that provides real-time visibility and settlement services for the independent expedited transportation industry. eTrac is the first and only independent information exchange network enabling pick-up and delivery companies to provide their customers with electronic order entry and tracking over the Internet.